- The United Kingdom’s NFT industry is expected to grow at a CAGR of 34.5% over the next 5-6 years.
- NFT spending in the UK will rise from $1,725.2 Million in 2022 to $9.257.0 Million by 2028.
- Growth is aided by increased adoption, government support, venture funding, and other factors.
The market for global non-fungible tokens (NFTs) suffered along with the rest of market in 2022. Both sales volumes and creator revenue saw a significant drop.
But despite the brutal crash that’s characterised the crypto sector throughout the year, the latest trends and projections suggest the NFT industry will continue to grow over the next six years.
The key segments that will dominate the market in the coming years are collectibles and arts, real estate and sports.
UK’s NFT industry to grow at a CAGR of 34.5% up to 2028
While 2021 is still a benchmark year in many sectors, a Research and Markets NFT industry report has shown that it will be a strong year in 2021. reportIn 2022-2028, the CAGR would be 34.5%.
The UK’s NFT industry will grow from $1725.2 million in 2022, to $9,257 millions by 2028. According to the forecast, the UK’s NFT Spend Value will rise by 48% annually.
The Research and Markets report highlighted on Thursday forecasts widespread adoption of digital assets across the country’s different user groups will spark even further interest in NFTs.
The UK NFT industry has seen a rise in participation from startups, real estate companies, and sports clubs. Just recently, Premier League giants Manchester United unveiled their NFT collection, joining an industry that’s already boasting of major global brands.As previously reported, the soccer club partnered blockchain platform Tezos in February this year.
Another factor is the growing recognition and support of the industry by the UK government.
